QBE scores doughnuts for climate action
Protest against QBE in Sydney. Despite the climate crisis threatening their entire business model, insurers are major fossil fuel investors and provide the insurance these companies need to build and operate their mines and power stations.
By Pablo at Market Forces
On the morning of 4 December Market Forces volunteers were outside QBE’s head office in Sydney handing out doughnuts to its staff.
The doughnuts represent QBE’s shameful zero scores on an international insurance climate scorecard released this week.
[Sydney-based QBE Insurance Group Limited is Australia's largest global insurer, providing insurance services mainly to Australia, America, Europe and the Asia Pacific region. QBE has 14,226 employees in 37 countries worldwide. As of Aug 2012, QBE was ranked among the world's top general insurers.]
Twenty-four global insurance companies were rated on their policies regarding investment in and insurance of dirty coal and tar sands. QBE has no policies or restrictions at all for these two most destructive of fossil fuels.
Most people are not aware of the insurance industry’s key role in propping up fossil fuels. Please share our post on Facebook, twitter and LinkedIn to help get the message out and encourage others to act.
The insurance industry plays a crucial role in helping the coal, oil and gas industries expand. Despite the climate crisis threatening their entire business model, insurers are major fossil fuel investors and provide the insurance these companies need to build and operate their mines and power stations.
The scorecard shows that QBE is falling behind its European competitors, like Axa, Allianz and Zurich. They are dumping their coal company shares and are restricting their insurance for coal mines and power stations.
With projects like the Adani mega mine still pushing to proceed, we could do with more insurers adopting positive policies like these!
Despite reporting a US$1.2 billion loss in 2017, mainly because of global warming-fuelled extreme weather, QBE continues to sink money into and insure coal, oil and gas without restriction.
QBE has a decision to make. Will it do its job and protect customers and shareholders (and the rest of us!) by ending its support for fossil fuels? Or will it continue to prop up the industries driving bushfires, storms, droughts and floods?
Pablo, on behalf of Market Forces
PS - On a related topic, with Adani announcing that it will self-fund the Carmichael coal mine it’s time to demonstrate how opposed the public is to this destructive project. Come out this Saturday to a #StopAdani rally near you!